Monthly Fuel Price Tracker

Published 2 March 15

Latest figures from OPEC show that the price of oil rose by $9.68 (21.8%) from January to $54.06/barrel in February 2015.

Annual comparisons show that the price of oil is down $51.32/barrel from February of last year when it was $105.38.

In sterling terms, the February price of £35.30/barrel was up £5.98/barrel (20.4%) from the previous month and down £28.37/barrel (44.6%) year-on-year.

In February 2015, the average price for red diesel was down 0.93ppl to 48.80ppl and the retail pump price of diesel was down 1.12ppl to 114.73ppl compared with January 2015.

Compared with February 2014, red diesel prices are down 18.27ppl (27.2%) and the diesel pump prices are also down 21.92ppl (16%).

Feb-15

Jan-15

Feb-14

OPEC Price (US$ / Barrel)

54.06

44.38

105.38

OPEC Price (£ / Barrel)†

35.30

29.32

63.67

UK Red Diesel (ppl)*

48.80

49.73

67.07

UK Diesel Pump Price (ppl)

114.73

115.85

136.65

For more information click here to access the OPEC website for crude oil prices.

*Red diesel duty January 2015 and February 2015 and February 2014 = 11.14ppl

† Exchange rate for February 2015 used 02/03/2015.

Source: HMRC/Defra, DECC, OPEC.

Annual Price

Figures show that the average price of oil stood at $96.29/barrel for 2014 which was a fall of 9.0% compared with 2013.

In the last ten years crude oil prices increased 167%, going from $36.05/barrel in 2004 to $96.29/barrel in 2014. Dairy farmers are now paying an annual average of 64.40ppl for red diesel - a rise of 37.48ppl (139.2%) over the last decade. Pump prices for diesel have increased by 51.55ppl (62.9%)